Philippines plans dollar benchmark notes due 2028 to yield 3.3% area

By Rebecca Melvin

New York, Jan. 18 – Republic of the Philippines plans to price a U.S. dollar-denominated benchmark offering of 10-year global notes (expected ratings: Baa3/BBB/BBB) that were talked to yield in the area of 3.3%, according to market sources on Thursday. Pricing could occur as early as Thursday.

Citigroup, Standard Chartered Bank, Credit Suisse, Deutsche Bank Securities, Morgan Stanley and UBS are the bookrunners of the Securities and Exchange Commission-listed senior notes.

The bonds ae not callable prior to maturity and contain collective action clauses. Proceeds are for repurchase of certain series of the sovereign’s foreign debt and for general purposes, including budgetary support.

Application is being made to list the bonds on the Luxembourg Stock Exchange.

Settlement is expected on Feb. 1.

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